Seaboard Corporation Summary of Perquisite for Personal Use of Company Airplane (Effective September 22, 2020)
Seaboard Corporation has approved a policy allowing its Chairwoman and Named Executive Officers to use the company airplane for personal travel. The Chairwoman and President may each use up to 20 hours of flight time per year, while other Named Executive Officers are allotted up to 10 hours annually. Seaboard will cover all related incidental expenses, including ground transportation, and will also pay an additional amount to cover the estimated taxes resulting from this benefit.
Exhibit 10.4
Seaboard Corporation
Summary of Perquisite for Personal Use of Seaboard Airplane
(Effective September 22, 2020)
The Board of Directors of Seaboard Corporation has approved for the Chairwoman of the Board and each of the Named Executive Officers the right to use Seaboard’s airplane for personal use. Ellen Bresky, Chairwoman of the Board, and Robert L. Steer, President, each have been allotted up to 20 hours of flight time per year for personal use. Each of the other Named Executive Officers has been allotted up to 10 hours of flight time per year for personal use.
For each recipient of this benefit, Seaboard will also pay the incidental fees and expenses incurred related to the flights, including ground transportation, as well as a “tax gross-up” of the estimated federal and state income taxes each will incur as a consequence of this benefit.
